Edesa Biotech Inc. (EDSA) shares declined 20.30% in after-hours on Monday, September 20, 2021, and closed the daily trading at $9.50. However, in the regular trading session of Monday, EDSA’s stock surged 102.72%. EDSA shares have risen 54.01% over the last 12 months, and they have moved up 107.67% in the past week. Over the past three months, the stock has gained 127.05%, while over the past six months, it has soared 120.33%.

Let’s see why did it surge on Monday?

Important Update about EDSA EB05

On September 20, 2021, Edesa Biotech, Inc (EDSA) announced positive results from the Phase 2 part of an ongoing Phase 2/3 clinical study evaluating the company’s monoclonal antibody candidate, designated EB05, as a single-dose treatment for hospitalized COVID-19 patients.

The data showed a 28-day death rate of 14.3% in the EB05 arm. The patients treated with EB05 plus standard of care had a 68.5% reduction in the risk of dying when compared to placebo plus standard of care at 28 days.

EDSA participation at a recent investor conference

Edesa Biotech, Inc (EDSA) recently participated at the H.C. Wainwright 23rd Annual Global Investment Conference which was held virtually from September 13 to 15, 2021. The company was presented by CEO, Dr. Par Nijhawan.

EDSA recent financial results announcement

On August 13, 2021, Edesa Biotech, Inc (EDSA), announced its financial results for the three and nine months ended June 30, 2021.

Q3 2021 financial highlights

• EDSA earned zero revenue in Q3 2021 compared to $0.11 million for the three months ended June 30, 2020.
• Total operating expenses were $6.07 million in Q3 2021 compared to $1.88 million for Q3 2020.
• It suffered a net loss of $4.76 million, or $0.36 per common share in Q3 2021, compared to a net loss of $1.77 million, or $0.20 per common share in Q3 2020.

EDSA EBO1 Enrollment in Canada

On July 13, 2021, Edesa Biotech, Inc. (EDSA) expanded patient enrollment to Canada for the final part of a Phase 2b study evaluating its EB01 drug candidate as a monotherapy for chronic Allergic Contact Dermatitis (Eczema), or ACD.

New appointment

On June 23, 2021, Edesa Biotech, Inc. (EDSA) appointed Rajan Puri to its management team to support the company’s expanding manufacturing activities.

Rajan Puri was appointed as Senior Vice President of Manufacturing. Mr. Puri is an expert in Chemistry, Manufacturing, and Controls (CMC) in the biopharmaceutical field and will lead the company’s strategic planning and operations related to scale-up, manufacturing, and quality control.

Conclusion

EDSA stock skyrocketed after the company announced positive data for its designated EB05 candidate and it faced a minor decline in the after-hours but still it surged exceptionally well on Monday.